China Law Online Database : novexcn.com

You are using Guest Account

Subscribe To This Law Only

Subscribe To All Law Contents

Print This Page

Back




	CIRCULAR ABOUT REGULATING FOREIGN GUARANTEE COMPLIANCE APPROVAL RIGHT

	(Huifa No. 84 [2000] of State Administration of Foreign Exchange promulgated on June 28, 2000)


SUBJECT : FOREIGN GUARANTEE COMPLIANCE
ISSUING DEPARTMENT : STATE ADMINISTRATION OF FOREIGN EXCHANGE
ISSUE DATE : 06/28/2000
IMPLEMENT DATE : 06/28/2000
LENGTH :
TEXT :

In order to normalize the authorization for approving external guarantee performance, we hereby inform you the following principles to comply with:

1. External guarantee performance shall be approved according to the principle of domiciled jurisdiction. The domiciled SAFE branch is responsible for approving the performance of legal external guarantee under its jurisdiction according to relevant regulations. The approval document shall be transmitted to SAFE headquarter for record.

2. Performance of substantive illegal external guarantee (the external guarantee that had not been approved by SAFE before contract signed) shall be reported to SAFE headquarter for approval after be examined by domiciled SAFE branch.

3. Performance of procedural illegal external guarantee (the external guarantee that had been approved by SAFE before the contract signed or the guarantee need not be approved, but has not been registered with the SAFE according to regulations) shall be approved by domiciled SAFE branch after corresponding penalty been given to the guarantor. The result of penalty and the approval document shall be transmitted to SAFE headquarter for record.